Mortgage for 59 year old couple.

kelida

Hi all,

My parents both aged 59yrs are selling their business which include a first floor flat with an outstanding mortgage of £80k through Natwest. They like to transfer the mortgage into buying a house near me. They are looking at proporties around £100k. My questions are:-

1. Is it possible to transfer the balance of the existing mortgage to another property?

2. If the answer to the first question is no then how likely are they to be able to get a new mortgage on the property circa £100k with a 50% deposit if they cannot prove their income?

3. If the answers to the above questions are no then how likely is it for them to buy an investment property with a BTL mortgage with a 50% deposit?

Thank you in advance.

hethmar

Hi, all questions your parents need to ask Natwest kelida.

Will they have no income at all once the business is sold?

kelida

My dad will be doing some freelance work but he will have trouble to proof his income. thx

hcb42

No

Unlikely

Unlikely

Sorry.

Senior_Paper_Monitor

I suspect its a commercial mortgage which will not 'port' anyway (and - as hcb42 comments below - the criteria test would stop it anyway).

Any ongoing mortgage would almost certainly be dependent on pension/investment income qualifying.

As hcb42 indicates .... unlikely .... I suspect

hcb42

even a portable mortgage would be subject to current lending criteria